 to talk about some of the market action. Let's jump over to our man, Teddy Kegstad. Folks, you can check out Teddy's outstanding newsletter, the Tiger 4X report. He has got new issues out every Monday, updates throughout the week when warranted. You can sign up for $97. It comes with a 30-day money-back guarantee. You get it for a full month, folks. I guarantee you'll get some value out of it and for whatever reason, if you're not gonna keep it, you get a 30-day money-back guarantee. You can't go wrong. Head on over there and check it out while we're talking to our man, Teddy Kegstad. Teddy Kegstad, good morning. Good morning, Tommy. All right, we're gonna kick it off with the end, man. We got it. So listen, great conversation last week, man. Kudos to you. You've had some great calls. We were all looking for, potentially, that first hike since 2007. You came out, you said, listen, there is definitely some area here. We are way away from where the Bank of Japan will step in. There might be some pressure, and boy, it seems like it played out to a tee. We're pushing 152, which is pretty remarkable on the heels of that first hike, but now we're coming into 152. What do you think of some of that action? Pretty remarkable. Well, for sure, the Bank of Japan, I'm sure, is not happy with where the US dollar yen is trading at right now. The rate hike finally came as the first one in 17 years, so I mean, I would have to say that anybody out there that thinks the BOJ is gonna react again anytime soon, you might wanna rethink that one. So they're not going on a hawkish bender or anything, okay? Well, I mean, it's just the reality of things. Oh, the chart. I mean, so, but right now, I'd be careful with the spike. What's going on? It's more dollar-driven, I think, than anything. So we're making a new high, yes, that's true. We're above the 150 critical level for the US dollar yen relationship, and I think a lot of that has to do with the fact that it's not so much that the dollar is so strong, but think about the interest rate, reality of what's going on now. We've been talking about the fact that we've already been right about them pushing out the cuts, okay? And now they're talking about maybe not doing as many cuts. Even if they were to do three or four, like there were expectations of them doing many more over the whatever time period to confront of us, it's not happening. The reality is, we're at where they want us to be no matter what is the floor. To cut is more of an emergency kind of situation where right now, any type of cutting they do is gonna be a short-term little relief before they start raising again. I mean, it's just a fact. This is the way things are going. We need to have that pricing. People are under this false illusion that interest rates are supposed to be at zero. No, they're not. That's actually not true whatsoever. It's one of the worst things that you can do to an economy, because you don't have any room. So even if we do get, let's say the three cuts, we've already factored in one and a half to two cuts already in the pricing of the market, okay? So that means that, and I guarantee you that the closer we get to the summertime, and right now, every money manager this year has been probably coddling all the people that have been getting crushed on their bond funds for the past year and a half, saying, oh, you got the summer to look forward to and maybe even start putting more money in because they're gonna start cutting rates. That's a trap. It's a trap. I mean, no matter what, think about where, if you look at where we were in trading in, you know, just in pricing, okay, where we were last fall, you know, that's when we knew that the hiking that was over, we're wondering when are they gonna start cutting? We know that that's been getting pushed out, but we've bounced already to a point where we've absorbed what they're basically going to do. So what does that leave as far as where's your expectations going to be? Like for housing, we have existing home sales coming up on Friday, I believe. So that's a big number. These numbers are gonna continue to be influenced. You wanna talk about whether inflation comes into their market or not. We can see that through oil and other things, but the real estate market is not going to get that kind of like fueling surge that they think that they're going to get. I mean, even if they do get a total of three, you know, quarters of a point cut over, you know, six months or over the next year, I mean, how much is that really gonna fuel the real estate market? I mean, you're talking about three quarters of a point, you know, I mean, when we came off as zero, everyone's saying, oh, it went up too quickly. Well, when you're coming up from zero, the relationship, I mean, from a quarter point, a quarter point discount rate, and you go to a half a point, well, that's 100% jump in interest rates. It's still only a quarter point, you know? So, and I think that people guys start looking at those relationships. I mean, like today, you can tell by the spreads between the two, five and 10, that everyone's waiting on Powell to speak. But then what are your real expectations for pricing? I mean, the bonds and the interest rate market are probably just establishing a wide range trade where we know that the floor has been set, for sure, until they start raising again. But as far as how much higher they're gonna go, I mean, in yields going down, we're almost there. If we have, we probably haven't hit that high yet, well, we're close to it. And once we hit that, you know, let's say we're at the point where they start cutting, we're gonna probably hit the cycle where the after the first interest rate cut happens, we might go a little bit higher in pricing in the interest rate quadrant. And I guarantee you, before they're done cutting, we'll have already set the high and been trying, in the market, we pushing yields higher. That's most likely what'll happen because of where we're priced at, you know? And this is a big thing for the dollar. So, the dollar right now is fueled by the nice rally that you've seen, or excuse me, the nice sell-off you've seen in the Treasury markets over the last week. That's kind of starting to subside, you know? Obviously it's Fed Day today, we'll be free and clear after that for a little while, but I wouldn't have too high of an expectations for the trend right now, you know? And that also gets back to the US dollar yen where we're at also, you know? We know that we're not hiking, you know? So, I think right now, you're just gonna see a blow off high here. I'd be very careful if you're long the US dollar yen, I'd be very, very cautious with your risk right now. I wouldn't wanna sell into this right now, wait for a sell signal, but we're at a point where we could see a nice little inversion. We've had a nice trend. I mean, think about the rally that we've had in the US dollar yen over the last two and a half weeks. We went from 146 to pushing 152 today. That's a big move. And the only thing that happened was that BOJ finally raised rates for the first time in 17 years. We haven't done anything and we're waiting on an expectation of cutting rates. So that means the fundamentals now are pointing, saying, hey, I'm not trying to say call a top, but we're topping as far as the fundamentals. There's no fundamental drive to say that the US dollar is gonna gain strength because of rate hikes. That's not happening. We know that the US dollar yen, they're pretty much probably done doing anything for a while, they're gonna wait and see. At least I would think three, four to five months before they have any more action. So be careful with the swings. US dollar yen, it's a nice balance and we're pushing the high that we set back in what was it around November 15th when we were trading just above where we're trading at right now today. So we can spike above that. I'd just be really cautious. Anyone that thinks we're going to like 170 or something like that and not that it can't happen. The fundamentals aren't lining up like that. So I mean, we'll see. They just announced a lot of wage increases also in Japan for the first time in a very long time across the board. So we'll see how these things impact their economy and things like that. Like it's not gonna happen overnight. So I think you're gonna see volatility with the US dollar yen. I'm still a soft bull, but I'm not bearish, but I'm certainly not gonna be a really gung-ho bull on this one. Man, that was an awesome nine minutes. Can you hang with us for the break? We'll come back, talk to maybe the Euro, talk to some others. Folks, head on over to the front page of TFNN. You got three minutes during the break. You heard the great information. Check out the Tiger Forex report. We'll come back with Teddy. We'll finish up the show. We get the yen right now, putting it 151.74. We'll be right back. Welcome back, folks. We got the SMEs, negative by four. NASDAQ 100 off by about single digits. We got the 10-year yield sitting right at about 4.3, 4.3%. And Teddy, I wanted to get your take maybe on crude. Pretty interesting. We just saw an 83 price point on crude. We've seen some higher highs and some higher lows. Could potentially complicate the situation when you get into some of the inflation numbers. What do you think of that crude price? Well, we had the breakout. We were talking about this last week that if we would stay above $79, around $80, and get a close, we should see higher move highs. We got that. Right now, in the Tiger Forex report, we're right in the middle of our critical resistance zone. I think we could still chop around this 81 to 84.50 area. Probably for a couple more sessions. I think you're going to find some nice resistance here. It'll probably digest. I don't see it really selling off. I mean, today, the way it was looking earlier was like you might want to have a nice reversal, but we have to see how it closes. If we could maybe settle near the lows of where we had already today, not necessarily making new lows, then maybe we get a nice little profit-taking slide. But overall, higher move highs and higher move lows. I would say unless we get below $78 and close below that, I wouldn't be too bearish on crude right now. I think you're going to have to be pretty much neutral to higher as far as direction for the crude market. I have a euro trade for you. Perfect. Let's do it. Wrap it up with a euro. What do we got? All right, so we know that last week when we talked, we were coming off of a higher move high. That higher move high in the euro-US dollar is a very significant high right now. Reason being, if the market reverses gears and rallies back to that level and takes it out, that means the longer-term bull trend, at least even on a big range trade bias, is very strong. Meaning that you'll probably see the euro-US dollar get back to about the 111 area, maybe even push new highs that we take out the highs from last Christmas time. But today and yesterday, we were bobbing right above our monthly directional pivot level from the Tiger Forex report at 108.34. So now the key here is, will we get below that area? If we settle below that, then yeah, we can see a nice little slide, but I'd be careful right now because we're hitting, we're on strong support for that one. Man, I appreciate the clarity with those numbers, man. You make it so clear, folks. That's how he makes it in the Tiger Forex report. Go over there and check it out at tfnn.com. Teddy, thanks so much, man. We look forward to talking next week. Have a great one. Sounds good. Take care, Tommy.